Alhamrani Universal, one of Saudi Arabia’s largest ATM providers has partnered up with a US-based identity platform ShoCard in order to introduce a completely revamped method of using ATMs in the country.
According to research, US citizens suffered as many as 60 million credit card theft last year alone and Saudi Arabia is no different. The local banks are starting to see the issues with credit card fraud and therefore are hoping to solve the issue by using the blockchain technology.
ShoCard will introduce a completely new algorithm to the local ATMs which will allow users to access their accounts by using ID verification through face scans and etc.
The new project is currently being tested on numerous ATMs in the country. According to ShoCard, the algorithm will try to calculate an individual’s resemblance of the input made on the ATM without having to connect to the bank’s database. This will all be done with the help of blockchain.
The use of the blockchain and biometrics in a single system will allow Alhamrani Universal to confirm the identity of users regardless of their bank affiliation and without compromising the person’s personal information through database accessing and connections.
Should the testing phase be successful, ShoCard could be the facilitator of a revolutionary innovation in the banking system which would protect millions, if not billions of banked people across the world as the company will undoubtedly start to expand.